A review of things you need to know before you go home; Wholesale trade sales up; net migration to exceed 30,000; No Warehouse retail debentures; National further ahead

RBA GOVERNOR GLENN STEVENS SPEAKS

Speaking to federal politicians in Sydney, Stevens said rising foreign investor participation was an important phenomenon in the Australian housing market, especially in major cities, but was “less prominent than the headlines you see suggest”. According to J.P.Morgan economist Ben Jarman, Stevens also described the current 5% to 6% range on household credit growth as "okay", and said “we shouldn't go back to 15% to 16%% range” from before the global financial crisis, but 8% to 9% growth “would be fast enough”.

Jarman said this suggests "some headroom" before Stevens turns more hawkish. If the RBA was to move into macro-prudential tools, Stevens suggested the most effective policy would be to force banks to tighten their stress test parameters for mortgage serviceability criteria, rather than explicitly constrain high loan-to-value ratio lending as the Reserve Bank of New Zealand has done.

And here's the Sydney Morning Herald's coverage of what Stevens had to say.

WESTPAC NZ APPOINTS FORMER BNZ CEO TO BOARD
Peter Thodey, who was BNZ's CEO and managing director for seven years up to 2007, has been appointed to the board of Westpac NZ effective from February 20. Thodey has extensive banking and business management experience and has held a number of high profile directorships. Westpac said no other changes were being made to its board.

WHOLESALE RATES

Swap rates continued to rise across the curve during the day building on rises seen earlier in the week. The 90 day bank bill rate finishes the week at 2.99%.

OUR CURRENCY RISES
The NZD traded sideways against many of the major currencies and is down slightly on the day against the USD. The TWI slipped slightly from this morning's open and sits at 79.26. The TWI is still within touching distance of all time record highs.